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What businesses can do when insurance premiums rise

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For years, many business insurance policies have been affordable for business, but Smart Business Network recently reported that commercial insurance rates are beginning to increase.

In order to help business owners manage the tightening of the property insurance market, the website sat down with Philip Glick, senior vice president at an insurance company, who shared his advice for firm owners.

“Now is the time for business owners to focus greater attention on their property and liability insurance programs and take steps to minimize the impact of these coming changes,” Glick told the website.

According to Glick, when insurance premiums grow, business owners have to choose between certain aspects of their insurance because companies will begin to scale back their products. He also said it is important for business owners to try to lock in their current rates for a longer time, allowing them to save money in the long run.

Operating without liability and property insurance policies is simply not an option for many businesses throughout the United States, which is why they need to make sure insurance policies remain cost-efficient.

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